The Luxury Home Market: Bellevue, Mercer Island, Seattle

By
Real Estate Broker/Owner with Ewing and Clark

Bellevue Luxury Real Estate

Bellevue especially when including the small cities and towns of  Clyde HillMedinaHunts Point and Yarrow Point, is a luxury real estate market.   The area had an average home sales price of $2.307 million in October.  In addition, over 42% of the Bellevue area homes that sold, sold for $2 million or more.  Thus, 40 of the 94 of the homes sold, sold for over $2 million.  Furthermore, of those 40, 20 sold for between $2 and $3 million, 7 for $3 to $4 million, 6 between $4 and $5 million, and 7 for $5 million or more.  The most expensive sale was on Evergreen Point (Medina).  The 7,180 sq ft waterfront home sold for $10,500,000.   Ironically, only two of the 40 sales were waterfront.

Mercer Island Luxury Homes

Mercer Island is also very much a luxury home markets.  For instance, out of 14 Mercer Island homes that sold in October, 9 sold for over $2 million (7 of those sold over $3 million) and none sold for under $1 million.  Thus, the average sales price for a Mercer Island home this past month was over $3.249 million. Indeed, the most expensive Mercer Island home sold for $9.080 million.  That sale was a waterfront home that is over 5,000 sq ft, faces west towards Seward Park, and the nearly acre lot has amenities such as a tennis court.  Three of the homes that sold were Mercer Island waterfront.  

Seattle Luxury Real Estate

The city of Seattle has pockets of luxury neighborhoods and/or homes.  There were 39 sales over $2 million in Seattle in October.  Unlike, the Eastside this is a relatively low percentage of the sales.  Nevertheless, it is still 7.4% of the sales.  Most of the luxury homes follow the coast of Lake Washington or Puget Sound.  For example, the most expensive Seattle luxury home was a Madrona home that sold for $5 million.  The house was directly across from Madrona Beach on Lake Washington.  

Luxury Homes in King County and Beyond

The luxury home market expands beyond Bellevue, Mercer Island, and Seattle.  Ewing & Clark has sold some of the most significant homes in King County and beyond.  Contact one of our luxury agents to learn more.  Whether looking for a beachfront home in Whidbey, a mountain retreat, Lake Washington Waterfront, or a luxury condo, we can help.    

Comments (1)

Jeff Masich-Scottsdale AZ Associate Broker,MBA,GRI
HomeSmart Real Estate - Scottsdale, AZ
Arizona Homes and Land Group/ Buy or Sell

Thanks for your report in your beautiful city of Bellevue. Jeff

Nov 04, 2022 08:58 PM